Free CAS Exam 5 (Basic Ratemaking and Reserving) Practice Questions
350 graded walkthrough problems from released CAS Exam 5 sittings between 2009 and 2019 are free to work through, with the published examiner's report sample answers and grader commentary, plus 38 lessons and 548 practice questions for ratemaking and reserving concept checks. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
548 questions8 topics2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Which of the following best describes the role of an exposure base in the ratemaking process?
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Correct Answer: C
Solution
C is correct. An exposure base is the fundamental measure of the amount of risk an insurer assumes. In the rating algorithm, premium equals the rate (price per unit of exposure) multiplied by the number of exposure units. Because pure premium is defined as losses divided by exposures, the exposure base serves as the denominator that normalizes loss experience so rates can be developed on a per-unit basis.
Question 2
Medium
In implementing a rating plan, what is the primary purpose of a minimum premium?
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Correct Answer: B
Solution
B is correct. A minimum premium is a floor applied when the premium produced by the rating algorithm is very small. It ensures that every policy contributes enough to cover the fixed expenses and the basic cost of providing coverage, which do not scale down proportionally with a tiny exposure.
Question 3
Hard
A GLM with a log link is fitted to pure premium. The base pure premium is $500. The fitted coefficients for the risk's levels are: territory 0.2624, vehicle class −0.1054, and prior-claims 0.4055. What modeled pure premium does the GLM indicate for this risk?
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Correct Answer: A
Solution
A is correct. Under a log link the linear predictor sums, then exponentiates, which is equivalent to multiplying the level relativities. The relativities are e0.2624=1.30, e−0.1054=0.90, and e0.4055=1.50. The modeled pure premium is $500 ×1.30×0.90×1.50= $877.50.
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The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam 5 prep are free forever. No trial period, no credit card. Every written-answer problem has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, AI written-answer grading, and a personalized study plan.
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The 70% of Exam 5 prep you actually need to pass (questions, solutions, lessons, mixed practice, copy-to-AI written-answer prompts) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI written-answer grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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548 practice questions with detailed solutions
Copy-to-AI written-answer prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
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AI grading for written-answer problems vs the official rubric
Personalized study plan that adapts to your exam date
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
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Coaching Actuaries
$200–$400/exam
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
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The free tier covers what most candidates need to pass. Fellow ($79/qtr) adds the pacing tools.
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548+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
Dates mark the start of each testing window. Projected dates follow the Casualty Actuarial Society's historical exam cadence for sittings the body has not yet published. Confirm dates and registration deadlines directly with the Casualty Actuarial Society before registering.
Exam date
Status
Register by
Oct 19, 2026
Confirmed
Sep 29, 2026
Apr 26, 2027
Projected
–
Oct 18, 2027
Projected
–
Frequently Asked Questions
How many free Exam 5 practice questions does FreeFellow have?
FreeFellow currently offers 548 free Exam 5 practice questions across 8 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Exam 5 topics are covered?
The questions cover 8 topics: Ratemaking Data & Exposures, Premium, Loss & Trend Adjustments, Overall Rate Level Indications, Classification & Alternative Rating, Principles, Implementation & Regulation, and 3 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for Exam 5 prep, or is there a catch?
No catch. The 70% of Exam 5 prep you actually need to pass is free forever: the full question bank of 548 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $79 Fellow tier unlock for Exam 5?
Fellow ($39 per month or $79 per quarter, per track; the $199 annual is Fellow Plus) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Coaching Actuaries, ASM, or TIA on price?
Traditional Exam 5 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $79 per quarter (a small fraction of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam 5 entirely on the free tier.
How should I use FreeFellow to study for Exam 5?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What calculator is allowed on Exam 5?
The CAS permits battery or solar-powered models of these Texas Instruments calculators: BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (IIS solar or IIB battery), and TI-30XS MultiView (or XB battery). No other models are allowed, and candidates may bring a backup of a permitted model.
What is the Exam 5 exam format?
Exam 5 is a 4-hour computer-based written-answer exam on basic ratemaking and estimating claim liabilities, administered at Pearson VUE testing centers. There are no multiple-choice questions: candidates type full constructed responses and earn partial credit for shown work. One optional 15-minute floating break does not count against the four hours.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 finance credentials with more than 44,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
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Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
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Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
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Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
